Steve Wynn hasn’t been involved in the US gaming industry for more than three years. But his surname will likely forever be synonymous with Las Vegas. However, the man worth an estimated $3.3 billion is seeking to permanently uproot his Sin City footing.
The former Strip tycoon departed his namesake casino firm in 2018. That’s after career-ending accusations regarding his alleged inappropriate behavior with female employees came to light. The now 79-year-old has largely led a private life since, but the billionaire is seeking to unload some of his real estate assets.
Wynn hasn’t been nearly as successful in the real estate market as he was in the casino business. The businessman has struggled to sell his massive estates in Beverly Hills and in the Summerlin neighborhood of Las Vegas.
The casino magnate isn’t folding, however, as he recently relisted both properties.
Steve Wynn last month relisted his Beverly Hills mansion with a new broker. The 2.7-acre property on the 1200 block of Benedict Canyon Drive is back on the market, but at a cheaper price.
Wynn listed 1210 Benedict Canyon Dr. earlier this year for a cool $125 million. Though it’s one of Beverly Hills’ most luxurious estates, Wynn failed to find a buyer. The listing was removed in July, but returned to the market this month with a new asking price of $115 million.
Wynn has endured a similar struggle for his Summerlin estate on the so-called “Billionaire’s Row” within the gated TPC Summerlin community. After listing 1717 Enclave Court in June of 2020 for $25 million, and subsequently reducing the price to $19.5 million, no buyer emerged.
Wynn’s Summerlin compound was delisted in March of this year. But the real estate offering returned this week at the new price of $24.5 million.
The six-bed, 11-bath, 15,000-square-foot residential compound is now being listed by Corcoran Global Living. In addition to the $24.5 million ask, the Summerlin manor comes with a $1,275 monthly HOA fee, and its 2021 property taxes totaled $71,994.
Hot Housing Market
Las Vegas is expected to grow considerably over the next four decades, the population swelling by 40 percent — or more than one million people. Realtors and their current sellers and buyers can already speak to the high demand in Southern Nevada.
According to Home Builders Research, Las Vegas builders have sold 17 percent more new homes in 2021 than they did in 2020 through September. The average price is up 14 percent to $421,790.
The Las Vegas Realtors Association adds that the average price of an existing single-family home sold last month was a record-high of $406,500. The median home price is up almost 21 percent from 2020.
However, real estate experts say the Las Vegas housing market is beginning to show signs of cooling off.
The housing market is starting to stabilize nationwide. This month’s Las Vegas Realtors statistics suggest that we may be doing the same here in Southern Nevada,” explained LVR President Aldo Martinez.
“Prices are still increasing, but they’re going up more gradually than in previous months. We may be getting back to the type of seasonal trends we were used to seeing before the pandemic. Local home prices and sales typically peak during the summer and slow down a bit in the fall and winter before rising again in the spring,” Martinez clarified.
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